Shiba Inu (SHIB) moved into the high range and broke out of a descending triangle. The altcoin is trying to break the high range and continue its upward move. SHIB holds short-term support at $0.00000760. Shiba Inu (SHIB) reached its high range yesterday, where it has been trading since May 2021. If the token breaks out of this zone, a parabolic uptrend could begin. On the other hand, Dogecoin (DOGE) slides all the way to the 9th place on the crypto ladder. Details Cryptocoin. com.
According to Coinecko, SHIB currently ranks as the 47th largest cryptocurrency by market cap. Dogecoin’s (DOGE) little brother has emerged from the descending triangle pattern and confirmed the falling resistance line as support. Since the May 2021 drop, the SHIB has been in a range between the resistance in the $0.00000950 area (red rectangle) and support at $0.00000550 (green rectangle). Over a period of about 4 months, the altcoin has repeatedly reached and bounced off these two areas. On September 16, SHIB rose 26% to reach the resistance area again a day later.
However, if the daily candle closes above $0.00000904, a higher high will be formed on the daily chart, according to analyst Jakub Dziadkowiec. Combined with the September 7 low (blue arrows), this could be a sign of a reversal and the start of an upside impulse.
The possibility of breaking the top of the range and continuing the uptrend is also confirmed by the increasing volume signature. It reached the highest values since mid-June in the last two days (red arrow). According to analyst Jakub Dziadkowiec, technical indicators confirm the possibility of a continuation of the uptrend. The RSI has broken above the 50 line and is rising. The MACD has produced two bars of positive momentum and the signal line is close to entering the positive zone. According to analyst Jakub Dziadkowiec, the Stochastic oscillator is heading upwards and is close to entering the bullish zone above 80.
The daily chart also shows the breakout from the descending triangle that occurred on September 7 (orange arrow). On that day, SHIB rose 24% and started a multi-day consolidation. It then climbed to the top of the range at $0.00000950 and started a downtrend. The downward move confirmed the descending triangle line as support (orange circles) twice and brought the price to the bottom around the range support area. Since then, SHIB has increased by 40% and continues its upward move. At the same time, SHIB price also broke the short term support/resistance area near $0.00000760 (green rectangle). It coincides with the 0.382 Fib retracement level. According to analyst Jakub Dziadkowiec, it is expected to act as support in the short term and confirm the zone before the price resumes the upward move.
Dogecoin [DOGE] slides all the way to the 9th place on the crypto ladder. Dogecoin [DOGE] has had a confusing year. With the huge fluctuations in its price, DOGE was out of breath. While most assets were up, DOGE was down 5.57% daily. The altcoin was trading at $0.24 at the time of writing. The coin barely made any gains throughout the week. Crypto rankings have been significantly affected. A number of new currencies have joined the top ten and major currencies have lost their place on this list. With assets like Solana [SOL] entering the top ten, Dogecoin has dropped in terms of rankings. The altcoin ranked 9th with a market cap of $31.9 billion.
A saadollarsik price chart on DOGE’s crypto exchange Binance showed bears appearing. The Chaikin Money Flow [CMF] indicator stays above the zero median in the bullish zone. However, the CMF sign was pretty close to the bearish zone. The Klinger Oscillator indicator was still in an uptrend, but the downtrend was not far off. Both lines were very close to each other. According to analyst Sahan Kıran, this could mean that the bears could soon topple DOGE. The Relative Strength Index [RSI] indicator has shown no significant buying or selling activity. The RSI marker remained dormant at the 50 median.